"Information is central to the economics of people as diverse as F.A. Hayek and
George Akerlof. Hayek’s greatest contribution to economics was to tell us about the role of knowledge in society and how information is transferred between economic agents in a market. Akerlof showed how markets can implode when there is asymmetric information. McCloskey seems to be pushing the research agenda further, by pointing out that we transmit information through language."
George Akerlof. Hayek’s greatest contribution to economics was to tell us about the role of knowledge in society and how information is transferred between economic agents in a market. Akerlof showed how markets can implode when there is asymmetric information. McCloskey seems to be pushing the research agenda further, by pointing out that we transmit information through language."
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